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The Axa Distribution fund is one for investors to “hold” according to wealth manager Philippa Gee.

“The fund is decent and almost warrants a 'buy’ status due to fund manager ability and consistency,” she said.

The fund has delivered returns of 33.7pc over the past five years and charges an annual fee of 1.5pc.

Ms Gee said the charges were slightly high considering many investors were very cost sensitive.

“The only drawback is who this fund is actually relevant for at this particular point in time, as I would expect the charges to be marginally lower and the gilt allocation (ideally) to have reduced, but that is nit picking,” she said.